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flag HMRC starts imposing a £10 daily penalty on late self-assessment tax filers in the UK.

flag The UK's tax authority, HMRC, is now imposing a £10 daily penalty on individuals who missed the self-assessment tax deadline three months ago. flag Penalties accumulate until the tax is paid, with an additional 8.5% interest on the outstanding balance. flag A 5% penalty is added after six months, and another 5% after a year. flag HMRC may waive these penalties if taxpayers can show a "reasonable excuse."

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